1) The family earned about $120,000 a year and the were $109,000 dollars in debt.
2) They had 5 credit cards and got so into debt because they didn't have a good hold of their money they would overspend and didn't really know they were overspending.
3) He came up with a new money plan by reading Dave Ramsey's book 'The Total Money Makeover'.
4) -First he cut 4 of the 5 credit cards they had.
-Then called the company of the remaining card and dropped their card limit to $1,000.
-He then made and Excel spreadsheet and wrote down every expense the family had each month and cut out the luxuries.
-They stopped going out to eat.
-Instead of spending $10 on the ice cream truck for one day, they went to the store and got ice cream for $10 and it lasted them the whole week with out spending more then they had to.
5) The children cut out the video game services and didn't spend money on the ice cream truck, his wife went back to work and increased their household income to $160,000 a year.
6) The credit union helped by:
-Having a Debt Management Program
-They also helped by contacting the credit card companies and consolidated their debt and reduced the interest rates.
7) The name of his blog is Debt Discipline.
8) The emergency fund was $1,000 and only covered the dishwasher and car breaking down. But when the money from the accident lawsuit came in the put it straight into their emergency fund.
9) It took them 50 months or a little over 4 years to pay off their debt. At the dinner table they talk to their children about money and budget and getting them started on the right foot to finical stability.
10) He's focused on saving for retirement Fund and their Kid's College Fund.
11) The best advice I've learned from this article is to be very cautious with your money and how you spend it and how it can ultimately effect you finically.
12) His website link: http://www.debtdiscipline.com/
-He encourages young teens to read about being financial stable such as a book called 'Money Conscious Student'
-An app called ZBBudget : he recommends it if you are starting to be financially responsible
-He expressed how him and his family feel about how they changed so many things to get out of debt and they realized that money isn't something that can be thrown around but that its actually very valuable.
